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香港特别行政区

  随着公司股票终止上市事项已获股东大会审议通过,中航工业产融控股股份有限公司(简称“中航产融”)主动退市几成定局。由于中航产融的退市,其孙公司中航信托也将告别“曲线上市”。

  4月14日,中航产融发布公告称,公司股票终止上市事项已获2025年第二次临时股东大会审议通过,将向上海证券交易所申请终止上市交易。公司进入现金选择权行权申报阶段,控股股东中航工业将向除中航工业及其下属单位外的全体A股股东提供现金选择权,行权价格为3.54元/股。现金选择权申报期间为2025年4月23日至4月25日。

  对于本次主动退市,中航产融称,因经营面临重大不确定性,可能会对公司造成重大影响。根据中航产融业绩预告,公司预计2024年度实现归属于母公司所有者的净利润为-4800万元左右,预计2024年度实现归属于母公司所有者的扣除非经常性损益后的净利润为-1.89亿元。

  中航产融表示,2024年公司经营业绩受到多重超预期因素影响:一是公司业务结构转型调整,营业收入、手续费及佣金收入有所下降;二是受外部宏观经济形势等影响,市场整体资产价格承压,公司持有的资产账面价值出现一定下滑。

  中航产融是中国航空工业集团有限公司的产业投资与综合金融平台,于2012年8月在上海证券交易所上市,旗下金融机构包括中航证券、中航信托、中航期货等。股权穿透显示,中航产融持有中航控股73.56%股份,中航控股又持有中航信托84.42%股份,中航产融间接持有中航信托62.10%的股权。

  事实上,信托公司告别“曲线上市”行业已有先例。

  2023年10月24日,深交所公告,经纬纺机于2023年9月15日召开临时股东大会审议通过了主动终止上市相关议案,并向深交所提交了终止上市申请材料。上述股票终止上市申请已经深交所上市审核委员会审议通过。根据相关规定以及上市审核委员会的审议意见,深交所决定经纬纺机股票终止上市。数日之后,经纬纺机正式摘牌。经纬纺机在2010年通过受让中植企业集团有限公司持有的1.17亿股,成为中融信托第一大股东。截至目前,经纬纺机持有中融信托37.47%股权,中植企业集团有限公司持股32.986%。

  无独有偶。2024年10月,上市公司电投产融发布《关于披露重组预案暨公司股票复牌的公告》称,公司正在筹划重大资产重组事项,拟通过发行股份方式购买国电投核能有限公司(简称“电投核能”)控股权,同时置出国家电投集团资本控股有限公司(简称“资本控股”)控股权,并将视具体情况募集配套资金。此次拟置出资产为投资控股型公司,通过电投经纪、百瑞信托、先融期货等持牌金融机构,提供保险经纪、信托、期货等金融产品及服务。百瑞信托也将随着此次重组,实现“曲线上市”。

  一直以来,因信息披露不足、核心盈利模式不明等原因,信托公司单独IPO近年一直难以成行。截至目前,除陕国投信托、建元信托(原安信信托)、山东信托等3家信托公司直接实现上市外,包括江苏信托、昆仑信托、五矿信托、浙金信托等大约10家信托公司涉及了曲线上市。

  对此,有信托业内研究人士表示,先前信托公司热衷于曲线上市,一方面有利于拓宽融资渠道、降低融资成本、进一步打破净资本约束;另一方面,对于处于转型关键期的信托业来说,有利于提升信托公司的抗风险能力及品牌建设。

  “信托‘曲线上市’终结,原因各有不同,有的或与央国企‘退金令’有关,有的或与母公司产业整合有关。”上述信托业内研究人士坦言,信托公司控股股东大都为央国企,先前部分实现“曲线上市”的信托公司只是作为其所在金控平台的一员“被动上市”,主要是服从母公司整体安排。

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